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Temped by the lower margin I just opened an account with AMP & Mirus. Reading all the comments regarding AMP & Mirus, I am a bit spooked now. Coming from IB I'll keep those who wants to know updated about the progress of everything, worst case > keep using IB
Don't be spooked by Mirus.. It has been taken over by NT and re-branded as NinjaTrader Brokerage, so you're in good hands now.
If I were you, I would quit AMP. If they can sue Big Mike and made a rude comment on NT in Elite Trader (which they have since corrected when I just checked), I cannot trust such a broker..
It also seems some people are not paying close attention to what they are being quoted, and might be confusing "commissions" with "all-in". Some brokers are quoting "commission" but not clearly spelling out they are charging an additional "clearing" fee, where others have no such "clearing" fee. The importance is in the all-in grand total.
It's important to look at all the factors and pick a reputable broker after doing your due diligence.
I just wanted to re-iterate as its a very key point made by @bigmike. If you're doing business you need to know the cost you're incurring. For me all traders should know these essentials otherwise don't be surprised if your broker ends up charging you over the odds, remember this may also be unintentional. So well worth knowing how the 'all-in' fee you're quoted is constructed for yourself. IB are very good for quote transparency in my experience, its all out there on the site, like to see more of that kind of transparency from more brokers.
Yes, and it is very important that even if you are quoted a fair price without a "clearing fee", make certain you carefully check your statements after your trades to ensure that is the price you are actually receiving.
And I would argue that most importantly, if there is something wrong you need to speak up to the NFA and CFTC. Don't just attribute it to an unintentional mistake. Let the regulating bodies decide that because they can look at the data en masse.
The only reason why I am opening a new account is that AMP as well as Mirus require less margin. Since I make money by scalping the $500 margin with most of the instruments and the $2500 margin for FDAX is very temping to lure me in
So far: my application has already been approved with AMP, but haven't heard anything from Dorman yet. So I forwarded my reply to Ninja Trader support requesting them to forward it to the right division.
So far 1-0 for AMP vs Mirus/Dorman
Will keep you updated when it comes to trading and commission with at least one of them compared to IB
Just got an answer from NT about my NTBrokerage/Dorman application.
I got the answer from NT (Damn good customer service btw) but nothing from Dorman yet.
so far: AMP vs Mirus/Dorman 1:0 and for NT Customer service